Macquarie Bank makes sweeping home loan rate cuts

author-avatar By on May 15, 2020
Macquarie Bank makes sweeping home loan rate cuts

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Macquarie Bank and Northern Inland Credit Union have made a sweeping raft of rate cuts across their owner occupier and investment home loans.

It was a fairly quiet week for home loan rate cuts, with Macquarie Bank and Northern Inland Credit Union being the only lenders to make any.

Over the last few weeks, the bulk of rate cuts have been made to fixed loan products, with advertised rates hovering ever closer to the 1% p.a mark. 

Across the board, many fixed home loans now have similar rates to their variable loan counterparts, as seen in the table below.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.

Macquarie Bank

Macquarie Bank made a wide variety of cuts across both owner occupier and investment loans. Key cuts are below:

  • Basic Variable Owner Occupied P&I 60: 5 basis point cut to 2.64% p.a. (2.64% p.a. comparison rate*)
  • Offset Variable Owner Occupied P&I 60: 5 basis point cut to 2.64% p.a. (2.91% p.a. comparison rate*)
  • Basic Flyer Home Loan P&I 60: 5 basis point cut to 2.69% p.a. (2.91% p.a. comparison rate*)
  • Offset Flyer Home Loan P&I 60: 5 basis point cut to 2.69% p.a. (2.91% p.a. comparison rate*)
  • Basic Variable Owner Occupied P&I 70: 10 basis point cut to 2.74% p.a. (2.74% p.a. comparison rate*)
  • Offset Variable Owner Occupied P&I 70: 10 basis point cut to 2.74% p.a. (3.01% p.a. comparison rate*)

And for investors...

  • Basic Variable Investment P&I 60: 10 basis point cut to 2.89% p.a. (2.89% p.a. comparison rate*)
  • Offset Variable Investment P&I 60: 10 basis point cut to 2.89% p.a. (3.16% p.a. comparison rate*)

Northern Inland Credit Union

This small credit union has made some pretty big rate cuts, reducing rates by up to 85 basis points across their owner occupier and investment home loans.

  • Introductory Home Loan P&I Fixed 1 yr: 50 basis point cut to 2.29% p.a. (3.92% p.a. comparison rate*)
  • Introductory Home Loan P&I Fixed 3 yrs50 basis point cut to 2.29% p.a. (3.65% p.a. comparison rate*)
  • Fixed Rate Owner Occupied 1 yr50 basis point cut to 2.79% p.a. (4.99% p.a. comparison rate*)
  • Fixed Rate Owner Occupied 3 yrs50 basis point cut to 2.79% p.a. (4.60% p.a. comparison rate*)

And for investors...

  • Introductory Investment Loan P&I Fixed 2 yrs: 70 basis point cut to 2.79% p.a. (3.87% p.a. comparison rate*)
  • Introductory Investment Loan P&I Fixed 3 yrs: 70 basis point cut to 2.79% p.a. (3.77% p.a. comparison rate*)
  • Introductory Investment Loan P&I Fixed 1 yr: 85 basis point cut to 2.79% p.a. (3.96% p.a. comparison rate*)

With the cash rate looking to be set in stone for some time, it may be a good time to consider fixing your interest rate and locking in the savings. 


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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author-avatar
Emma joined Savings.com.au as a Finance Journalist in 2019. She is a journalist with more than five years experience across print, broadcast and digital media, with previous stints at Style Magazines, 4ZZZ radio, and as editor of The Real Estate Conversation. She's most passionate about improving the financial literacy of young women and millennials by writing about complex financial topics in a way that's easy for the average Joe (or Jill) to understand. When she's not writing about finance she's watching Greys Anatomy (again).

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